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                        <h1 class="title">Options Basics</h1>
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<h4>Options are financial instruments that can provide you with the  flexibility you need in almost any investment situation you might encounter.  Options give you options by giving you the ability to tailor your position to  your own situation.</h4>
<div class="column one column_faq">
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    <div class="title"><span class="num">1</span>You can protect stock holdings from a decline in market price.</div>
   </div>
   <div class="question">
    <div class="title"><span class="num">2</span>You can increase income against current stock holdings.</div>
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   <div class="question">
    <div class="title"><span class="num">3</span>You can prepare to buy stock at a lower price.</div>
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    <div class="title"><span class="num">4</span>You can position yourself for a big market move - even when you don't know which way prices will move.</div>
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   <div class="question">
    <div class="title"><span class="num">5</span>You can benefit from a stock prices rise or fall without incurring the cost of buying the stock outright</div>
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<h5>The following information provides the basic terms and descriptions  that any investor should know as they learn about equity options.</h5>
<h3>Describing  Equity Options</h3>
<div class="well">
<ul class="list_mixed">
<li class="list_check">An equity option is a contract which conveys to its holder the right, but not       the obligation, to buy (in the case of a call) or sell (in the case of a       put) shares of the underlying security at a specified price (the strike       price) on or before a given date (expiration day). After this given date,       the option ceases to exist. The seller of an option is, in turn, obligated       to sell (in the case of a call) or buy (in the case of a put) the shares       to (or from) the buyer of the option at the specified price upon the       buyer's request.</li>
<li class="list_check">Equity       option contracts usually represent 100 shares of the underlying stock.</li>
<li class="list_check">Strike       prices (or exercise prices) are the stated price per share for which the       underlying security may be purchased (in the case of a call) or sold (in       the case of a put) by the option holder upon exercise of the option       contract. The strike price, a fixed specification of an option contract,       should not be confused with the premium, the price at which the contract trades,       which fluctuates daily.</li>
<li class="list_check">Equity       option strike prices are listed in increments of 1, 2, 5, or 10 points,       depending on their price level.</li>
<li class="list_check">Adjustments       to an equity option contract's size and/or strike price may be made to       account for stock splits or mergers.</li>
<li class="list_check">Generally,       at any given time a particular equity option can be bought with one of       four expiration dates.</li>
<li class="list_check">Equity       option holders do not enjoy the rights due stockholders - e.g., voting       rights, regular cash or special dividends, etc. A call holder must exercise       the option and take ownership of underlying shares to be eligible for       these rights.</li>
<li class="list_check">Buyers       and sellers in the exchange markets, where all trading is conducted in the       competitive manner of an auction market, set option prices.</li>
</ul>
</div>
<p>&nbsp;</p>
<h3>Calls  and Puts</h3>
<table width="400" border="0" align="center" cellpadding="6" cellspacing="0" class="tbl">
  <tr class="bg_title">
    <td></td>
    <td><p><strong>Holder    (Buyer)</strong></p></td>
    <td><p><strong>Writer    (Seller)</strong></p></td>
  </tr>
  <tr>
    <td><p>Call    Option</p></td>
    <td><p>Right    to Buy</p></td>
    <td><p>Obligation    to Sell</p></td>
  </tr>
  <tr>
    <td><p>Put    Option</p></td>
    <td><p>Right    to Sell</p></td>
    <td><p>Obligation    to Buy</p></td>
  </tr>
</table>
<p><strong>The two types of equity options are Calls and Puts. </strong></p>
<p>  A call option gives its holder the right to buy 100 shares of the  underlying security at the strike price, anytime prior to the options  expiration date. The writer (or seller) of the option has the obligation to  sell the shares.</p>
<p>  The opposite of a call option is a put option, which gives its holder  the right to sell 100 shares of the underlying security at the strike price,  anytime prior to the options expiration date. The writer (or seller) of the  option has the obligation to buy the shares.</p>
<h3>&nbsp;  </h3>
<h3>The  Options Premium</h3>
<p>  An option's price is called the &quot;premium.&quot; The potential loss  for the holder of an option is limited to the initial premium paid for the  contract. The writer on the other hand has unlimited potential loss that is  somewhat offset by the initial premium received for the contract. </p>
<p>  Investors can use put and call option contracts to take a position in a  market using limited capital. The initial investment would be limited to the  price of the premium.<br />
  Investors can also use put and call option contracts to actively hedge  against market risk. A put may be purchased as insurance to protect a stock  holding against an unfavorable market move while the investor still maintains  stock ownership.</p>
<p>  A call option on an individual stock issue may be sold, providing a  limited degree of downside protection in exchange for limited upside potential.  Our Strategies Section shows various options positions an investor can take and  explains how options can work in different market scenarios.</p>
<p>&nbsp;</p>
<h3>  Underlying  Security</h3>
<p>  The security - such as XYZ Corporation - an option writer must deliver  (in the case of call) or purchase (in the case of a put) upon assignment of an  exercise notice by an option contract holder.</p>
<p>&nbsp;</p>
<h3>  Expiration  Friday</h3>
<p>  The Expiration day for equity options is the Saturday following the  third Friday of the month. Therefore, the  third Friday of the month is the last trading day for all expiring equity  options. </p>
<p>  This day is called &quot;Expiration Friday.&quot; If the third Friday  of the month is an exchange holiday, the last trading day is the Thursday  immediately preceding this exchange holiday.</p>
<p>  After the options expiration date, the contract will cease to exist. At  that point the owner of the option who does not exercise the contract has no  &quot;right&quot; and the seller has no &quot;obligations&quot; as previously  conveyed by the contract.</p>
<p>&nbsp;</p>
<h3>Leverage  and Risk</h3>
<p>  Options can provide leverage. This means an option buyer can pay a  relatively small premium for market exposure in relation to the contract value  (usually 100 shares of the underlying stock). An investor can see large  percentage gains from comparatively small, favorable percentage moves in the  underlying index. Leverage also has downside implications. If the underlying  stock price does not rise or fall as anticipated during the lifetime of the  option, leverage can magnify the investment's percentage loss. Options offer  their owners a predetermined, set risk. However, if the owner's options expire  with no value, this loss can be the entire amount of the premium paid for the  option. An uncovered option writer, on the other hand, may face unlimited risk</p>
<p>&nbsp;</p>
<h3>  In-the-money,  At-the-money, Out-of-the-money...</h3>
<p>  The strike price, or exercise price, of an option determines whether  that contract is in-the- money, at-the-money, or out-of-the-money. If the  strike price of a call option is less than the current market price of the  underlying security, the call is said to be in-the-money because the holder of  this call has the right to buy the stock at a price which is less than the  price he would have to pay to buy the stock in the stock market. Likewise, if a  put option has a strike price that is greater than the current market price of  the underlying security, it is also said to be in-the-money because the holder  of this put has the right to sell the stock at a price which is greater than  the price he would receive selling the stock in the stock market. The converse  of in-the-money is, not surprisingly, out-of-the-money. If the strike price  equals the current market price, the option is said to be at-the-money. The  amount by which an option, call or put, is in-the-money at any given moment is  called its intrinsic value. Thus, by definition, an at-the-money or  out-of-the-money option has no intrinsic value; the time value is the total  option premium. This does not mean, however, these options can be obtained at  no cost. Any amount by which an option's total premium exceeds intrinsic value  is called the time value portion of the premium. It is the time value portion  of an option's premium that is affected by fluctuations in volatility, interest  rates, dividend amounts, and the passage of time. There are other factors that  give options value and therefore affect the premium at which they are traded.  Together, all of these factors determine time value. </p>
<table border="0" align="center" cellpadding="6" cellspacing="0" class="tbl">
  <tr class="bg_title">
    <td align="center">      Equity call option: </td>
  </tr>
  <tr>
    <td align="center">In-the-money    = strike price less than stock price</td>
  </tr>
  <tr>
    <td align="center">At-the-money    = strike price same as stock price</td>
  </tr>
  <tr>
    <td align="center">Out-of-the-money    = strike price greater than stock price</td>
  </tr>
  <tr class="bg_title">
    <td align="center">Equity put option: </td>
  </tr>
  <tr>
    <td align="center">In-the-money    = strike price greater than stock price</td>
  </tr>
  <tr>
    <td align="center">At-the-money    = strike price same as stock price</td>
  </tr>
  <tr>
    <td align="center">Out-of-the-money    = strike price less than stock price</td>
  </tr>
  <tr class="bg_title">
    <td align="center">Option Premium </td>
  </tr>
  <tr>
    <td align="center">Intrinsic    Value + Time Value</td>
  </tr>
</table>

<p>&nbsp;</p>
<h3>  Time  Decay</h3>
<p>  Generally, the longer the time remaining until an options expiration,  the higher its premium will be. This is because the longer an option's  lifetime, greater is the possibility that the underlying share price might move  so as to make the option in-the-money. All other factors affecting an option's  price remaining the same, the time value portion of an option's premium will  decrease (or decay) with the passage of time.</p>
<p>&nbsp;</p>
<h3>  Expiration  Day</h3>
<p>  The expiration date is the last day an option exists. For listed stock  options, this is the Saturday following the third Friday of the expiration  month. Please note that this is the deadline by which brokerage firms must  submit exercise notices to OCC; however, the exchanges and brokerage firms have  rules and procedures regarding deadlines for an option holder to notify his  brokerage firm of his intention to exercise. This deadline, or expiration  cut-off time, is generally on the third Friday of the month, before expiration  Saturday, at some time after the close of the market. Please contact your  brokerage firm for specific deadlines. The last day expiring equity options  generally trade is also on the third Friday of the month, before expiration  Saturday. If that Friday is an exchange holiday, the last trading day will be  one day earlier, Thursday.</p>
<p>&nbsp;</p>
<h3>  Long</h3>
<p>  With respect to this section's usage of the word, long describes a  position (in stock and/or options) in which you have purchased and own that  security in your brokerage account. For example, if you have purchased the  right to buy 100 shares of a stock, and are holding that right in your account,  you are long a call contract. If you have purchased the right to sell 100  shares of a stock, and are holding that right in your brokerage account, you  are long a put contract. If you have purchased 1,000 shares of stock and are  holding that stock in your brokerage account, or elsewhere, you are long 1,000  shares of stock. When you are long an equity option contract: </p>
<ul class="list_mixed">
<li class="list_check">You have the right to exercise that option at any  time prior to its expiration.</li>
<li class="list_check">Your potential loss is limited to the amount you  paid for the option contract.</li>
</ul>
<h3>&nbsp;</h3>
<h3>Short</h3>
<p>  With respect to this section's usage of the word, short describes a  position in options in which you have written a contract (sold one that you did  not own). In return, you now have the obligations inherent in the terms of that  option contract. If the owner exercises the option, you have an obligation to  meet. If you have sold the right to buy 100 shares of a stock to someone else,  you are short a call contract. If you have sold the right to sell 100 shares of  a stock to someone else, you are short a put contract. When you write an option  contract you are, in a sense, creating it. The writer of an option collects and  keeps the premium received from its initial sale. </p>
<div class="well">
<p><strong>When you are short (i.e., the  writer of) an equity option contract: </strong></p>
<ul class="list_mixed">
<li class="list_check">You can be assigned an exercise notice at any time  during the life of the option contract. All option writers should be aware that  assignment prior to expiration is a distinct possibility.</li>
<li>Your potential loss on a short call is  theoretically unlimited. For a put, the risk of loss is limited by the fact  that the stock cannot fall below zero in price. Although technically limited,  this potential loss could still be quite large if the underlying stock declines  significantly in price.</li>
</ul>
</div>
<p>&nbsp;</p>
<h3>Open</h3>
<p>  An opening transaction is one that adds to, or creates a new trading  position. It can be either a purchase or a sale. With respect to an option  transaction, consider both: </p>
<ul class="list_mixed">
<li class="list_check">Opening purchase -- a transaction in which the  purchaser's intention is to create or increase a long position in a given  series of options.</li>
<li class="list_check">Opening sale -- a transaction in which the  seller's intention is to create or increase a short position in a given series  of options.</li>
</ul>
<h3>&nbsp;</h3>
<h3>Close</h3>
<ul class="list_mixed">
<li class="list_check">Closing       purchase -- a transaction in which the purchaser's intention is to reduce       or eliminate a short position in a given series of options. This       transaction is frequently referred to as &quot;covering&quot; a short       position.</li>
<li class="list_check">Closing       sale -- a transaction in which the seller's intention is to reduce or       eliminate a long position in a given series of options.</li>
</ul>
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